Pinetree Therapeutics Enters Exclusive Global Licensing Deal with AstraZeneca for Preclinical EGFR Degrader
Wednesday, July 24, 2024
Pinetree Therapeutics, Inc. ("Pinetree" or the "Company"), a biotechnology firm at the forefront of developing next-generation targeted protein degraders (TPD) to overcome drug resistance in oncology and other fields, has announced an exclusive option and global license agreement with AstraZeneca (LSE/STO/Nasdaq: AZN) for a preclinical EGFR degrader candidate.
As part of this agreement, AstraZeneca will have the exclusive option to license Pinetree's preclinical EGFR degrader for worldwide development and commercialization. In return, Pinetree will receive upfront and near-term payments totaling up to $45 million, with additional development and commercial milestone payments potentially exceeding $500 million, plus tiered royalties on global net sales.
Dr. Hojuhn Song, Founder and CEO of Pinetree, commented on the deal: "We are excited to partner with AstraZeneca to move one of our innovative receptor degrader programs into clinical trials. Our pan-EGFR degrader, developed using our proprietary AbReptor™ multispecific antibody platform, has shown encouraging preclinical results against drug- and TKI-resistant tumors and demonstrates improved efficacy when used alongside current EGFR inhibitors."
Puja Sapra, Senior Vice President of Oncology Targeted Discovery at AstraZeneca, added, "The potential of targeted protein degradation as a therapeutic strategy is significant. We look forward to exploring Pinetree's pan-EGFR degrader in EGFR-expressing tumors, including those with mutations."
Pinetree is also progressing several other preclinical candidates derived from its AbReptor™ TPD platform, with applications in oncology and other therapeutic areas.
Source: prnewswire.com
